Nifty is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian market indices ended Tuesday with modest losses, marking the second consecutive day of negative trading. The market was weighed down by weakness in IT stocks. However, gains in sectors such as pharma, PSU banks, and oil and gas offered some support. The S&P BSE Sensex declined 109.12 points or 0.14% to 78,139.01. The Nifty 50 index ended almost flat at 23,644.80.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23540. If nifty closes below that, further downside can be expected towards 23470-23400 mark. On the flip side 23700-23800 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 23540 and on a decisive close below expect a fall to 23470-23400 levels.
Bank Nifty
Technical Call Updates
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